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GREEN MOUNTAIN POWER ANNOUNCES 1991 THIRD QUARTER EARNINGS

      GREEN MOUNTAIN POWER ANNOUNCES 1991 THIRD QUARTER EARNINGS
    SOUTH BURLINGTON, Vt., Nov. 5 /PRNewswire/ -- Green Mountain Power Corporation (NYSE: GMP) announced Tuesday its operating results for the third quarter of 1991 and for the first nine months of the year.
    Earnings per share of common stock in the third quarter of 1991 were 53 cents compared to 47 cents in the third quarter of 1990.  For the nine months ending Sept. 30, 1991 and 1990, earnings per share were $1.80 and $1.66 respectively.
    Edwin M. Norse, GMP's chief financial officer said, "Earnings in the third quarter benefited from a retail rate increase and reduced prices for purchased energy resulting from the excess supply of power in the New England region due to the regional economic recession.  The wholesale energy sales market in New England has all but disappeared with the decline in usage region-wide due to the recessionary economy and with the addition of significant new power supply sources.  But this excess supply situation permitted us to make advantageous short-term power purchases."
    Retail electric sales were essentially unchanged in the third quarter of 1991 as compared to the third quarter of 1990.  The impact of the regional recession on Vermont and the success of energy conservation programs, which are reducing customer usage, offset the effects of a 1 percent increase in the average number of retail customers served by GMP in the third quarter of 1991, compared to the third quarter of 1990.
    Based on the financial performance for the first three quarters of 1991, and on the company's continuing success in controlling costs, Norse said he expects GMP to meet the 12.5 percent target rate of return on common equity set by the Vermont Public Service Board in the 1990 rate case.
                GREEN MOUNTAIN POWER FINANCIAL RESULTS
            (Numbers in thousands except per share amounts)
                       3 Months           9 Months          12 Months
                         Ended             Ended              Ended
                     1991    1990      1991     1990      1991     1990
    Operating
     revenues     $34,846 $34,355  $106,900 $109,775  $144,758 $149,599
    Net income      2,215   1,842     7,458    6,394    10,030    8,098
    Net income
     applicable to
     Common Stock   2,002   1,774     6,818    6,190     9,173    7,822
    Earnings per
     common share    $.53    $.47     $1.80    $1.66     $2.42    $2.11
    Weighted average
     share of common
     stock
     outstanding    3,798   3,719     3,798    3,719     3,788    3,714
    -0-                              11/5/91
    /CONTACT: Edwin M. Norse, vice president, chief financial officer and treasurer of Green Mountain Power Corp., 802-660-5701 or 802-453-4827 after 6 p.m./
    (GMP) CO:  Green Mountain Power Corporation ST:  Vermont IN:  UTI SU:  ERN DD-DH -- NE018 -- 1455 11/05/91 18:07 EST
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Publication:PR Newswire
Date:Nov 5, 1991
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